1. How Do I Cash Out Bitcoin
2. How To Convert Bitcoins To Cash
3. Cash Out Bitcoins To Bank Account
4. How Do You Cash Out Bitcoin

Article Contents:

Cash out Bitcoin anonymously? The first way to get cash for Bitcoin, and avoid taxes, would be a private exchange off the books. All you have to do is find someone who can bring enough cash and is willing to do it without KYC / ID. But in many countries this is of course a form of tax evasion and not advisable. If you invest in bitcoin can you cash out. This week, Bitmain revealed that it had diminished its Bitcoin mining power by 88%. The statistic is indicative of an overall reduction in capacity, and alerts that the crypto mining big is starting to shut down at the least some of its mining equipment. Excited to go shopping with your hard earned Bitcoins but don't know how to cash them out? Today, Maria will show you the many different ways to cash out Bit.

Everyone dreams of what it would have been like to invest early in Bitcoin. They would be rich now. They could exchange their Bitcoin into fiat money and buy whatever they desire and live a free live.

For some this has pretty much become reality. But before you actually hold the money in your hands, there is the barrier of the ideal cash out. Where and how to perform the exchange – What’s the best way to get money for your Bitcoin asset?

The exchange from Bitcoin into fiat money is a topic you should know something about before you actually perform it. Because depending on from which country you come or in which form you exactly want to pay out, there are details to consider. Otherwise you risk to lose a sizable part of your asset in the form of taxes, for instance.

Known and trusted Exchanges for Bitcoin into Fiat Money:

Currencies:

Withdrawal Methods

Bank Transfers

Particularities:

Fees:

Currencies:

Withdrawal Methods

Bank Transfers

Particularities:

Fees:

Currencies:

Withdrawal Methods

• bank transfer
• Credit Card
• AdvCash
• Payeer
• Perfect Money
• Qiwi
• ElecsNet
• EX-Code
• Yandex

Bank Transfers

Particularities:

Fees:

• USD:
• 0% CryptoCapital
• 0.2% EX-CODE
• 1.45% AdvCAsh
• 0.5% Payeer
• EUR:
• SEPA: €50
• 0% CryptoCapital
• 0.2% EX-CODE
• RUB:
• Varying Fees

Currencies:

Withdrawal Methods

• Bank transfer,
• Credit Card
• Debit Card
• EPS
• Giropay
• Neteller
• Skrill
• iDeal
• Zimpler

Bank Transfers

Particularities:

Fees:

Currencies:

Withdrawal Methods

Bank Transfers

Particularities:

Fees:

Currencies:

Withdrawal Methods

Bank Transfers

Particularities:

Fees:

Currencies:

Withdrawal Methods:

Bank Transfers:

Particularities:

Fees:

Sell Bitcoin Tax Free

The country you come from plays a big role when it comes to deciding how best to cash out Bitcoin, especially if you want to pay out larger amounts. If you live in Germany, then the payment is tax-free if you sell Bitcoin more than one year after purchase.

If you buy Bitcoin and sell it within one year, taxes will be due, in full according to the personal progressive tax rate (income tax). So the capital gains tax does not apply – contrary to what many people suspect. Depending on the amount paid out, it can therefore happen that the maximum income tax rate applies: about 43%.

In the USA for instance, selling Bitcoin always triggers a taxable event, no matter how much time there was between the purchase and the sale. However, time matters when it comes to the amount of taxes you have to pay:

If less than 1 year has passed since you bought Bitcoin, you have to pay short-term capital gain taxes on the disposal. If more than 1 year has passed, long-term capital gain taxes are due. In both cases the tax can be quite substantial and those affected likely wonder if there might be a way around these levies.

Bitcoin Taxes in the USA:

Short-term capital gains tax: falls into income tax, like additional income, so is subject to the individual income tax rate
Long-term capital gains tax: Depending on income class, 0 – 20%.

How To Get Cash for your Bitcoin without paying Taxes?

If you sell Bitcoin on a cryptocurrency exchange and then have the money paid out, this is always a taxable event (e.g. USA, Germany, others). Whether by bank transfer, credit card or Paypal, there is a transaction that is visible and on which taxes may be due. Thus, the way over an exchange, from which you get money paid out, is probably not what you seek.

Cash out Bitcoin anonymously?

The first way to get cash for Bitcoin, and avoid taxes, would be a private exchange off the books. All you have to do is find someone who can bring enough cash and is willing to do it without KYC / ID. But in many countries this is of course a form of tax evasion and not advisable. Besides, the biggest challenge would be to find someone like that.

The peer-to-peer exchange platform localbitcoins.com is a place where you can exchange BTC into cash in principle, but without an ID-verified account (i.e. anonymously) this is only possible with relatively small sums.

Leave your Country and cash out Bitcoin abroad

One option is to leave your country permanently and cash out your Bitcoin in another country afterwards. If Bitcoin has made you rich, this can be a realistic option. In principle, it’s possible to live as a nomad without fixed residency, as an earth resident so to say.

In this case of a state-independent existence you wouldn’t be taxed anywhere. Provided you’re never too long in one place. In each country there is a certain period of residence from when you become taxable. Normally there is a tax liability starting from half a year residency. Therefore, 3 different locations per year would already be sufficient if you’d spread the time equally, in case you’re not too much into traveling.. 4 months maximum at a place should be save.

The situation is different for US Americans: they have to give up their US passport in order to lose their tax liability. Tax liability in the USA is linked to citizenship. Citizenship means passport.

Today, however, there are simple methods to get another quality passport. Especially if you have money. So you can buy citizenship in places like Grenada, Antigua & Barbuda, Dominica, St. Kitts and Nevis or even Russia. Surely there are others. Depending on the sums involved, living nomadic could be an interesting solution, at least for some time.

How to cash out a bigger amount of BTC without making major mistakes you might regret later?

Cash for Bitcoin – Here’s perhaps the Smartest Option:

A much more tricky solution to get cash against Bitcoin are Bitcoin Loans. This means that you would take out a loan with a financial service provider for which you deposit Bitcoin as a pledge.

So you get a certain amount of money against Bitcoin, and you don’t have to pay tax on this money, because it is a loan. Your BTC only move temporarily from your custody to the custody of the loan company, and in the end you get it back.

A Bitcoin loan in a bull market is particularly advantageous if the BTC price at the end of the loan is significantly higher than at the beginning of the loan. Then one would have the possibility of refinancing the first loan with a smaller amount of BTC. In a bull market, you may already be able to get a portion of your BTC back during the loan term, depending on how far the price would have risen.

Find out more about Bitcoin backed Loans.

Sell Bitcoin for Cash

If you are sure that the loan path is not the right one for you, and you definitely want to convert Bitcoin to USD or whatever fiat currency, the following questions arise.

Are you sure you want to pay out a large amount of Bitcoin at once?

Maybe one part will do now and the rest can follow later? For example, it would be possible to calculate how much Bitcoin you can cash out per year without paying taxes, or just a small amount. The sticking point here would be to avoid the 20% tax. If you pay out a fortune of millions at once, however, a corresponding levy will certainly be unavoidable (except for BTC loans!). This whole consideration of course only makes sense if you’re bullish on Bitcoin. If you don’t think that Bitcoin will go further up long term, then there’s no question why you would want to sell all at once.

Sell Bitcoin for USD and withdraw the Money to your Bank Account

If the sale on a cryptocurrency exchange should come into question, you can use a big bitcoin exchange allowing fiat money withdrawals. The biggest and most trusted ones are in the comparison table at the beginning of this page.

Depending on the trading amount and income class, a taxable event can occur at the time of the sale on an exchange. Whether this is the case and how much it is, should therefore be calculated IN ADVANCE in order not to be surprised by a tax payment you may not be able to pay. In particular, if you want to cash out the Bitcoin to invest the money immediately into another project, the necessary cash flow may be missing as soon as the tax payment is required.

This is exactly the problem many people had in 2018, after they had sold BTC at a high rate in late 2017. The money they had received for selling their BTC was no longer available when the tax was due. And their other savings weren’t sufficient. This is a problem you should urgently avoid.

This is where the Bitcoin Loans come into their own again, as a solution to this problem, since you don’t need to pay taxes on borrowed money / debt.

Cash Out Bitcoin on the Street

ATM Withdrawals

There are generally 2 different ways to withdraw Fiat money from an ATM against Bitcoin. The first is to use one of the few Bitcoin ATM that already exist at some places. If you’re lucky one might be nearby to your place. The other way is to use a normal ATM with a Bitcoin debit card. There are several Bitcoin card providers – actually there are a lot, but the majority are scammers, so you need to make sure you take one of the good ones.

1. ATM Withdrawal with Bitcoin Debit Cards

To our knowledge, the following card providers are reputable and no scams. However, we recommend do your own research about them.

2. BITCOIN ATM Withdrawal

Since couple of years there are special Bitcoin ATMs where you can exchange money for Bitcoin or vice versa on the street. In New York City there are already about 150 Bitcoin ATMs right now. Money can be deposited into these machines to buy Bitcoins. Occasionally it is also possible to sell Bitcoins at these ATMs to cash out money.

On the coinatmradar.com site you can find current Bitcoin ATM locations. In addition the map shows at which ATMs you can only buy BTC and which machines also offer fiat money cash outs against Bitcoin. But it is noticeable: There are a total of 4,726 Bitcoin machines in 77 countries (May 2019).

We do not recommend to use such machines to buy Bitcoins. This is sometimes much easier and better via crypto exchanges. In addition, you would have to bring a lot of cash with you to the machine. That shouldn’t be worth it. Also, you hardly have an overview of whether you are currently buying at a good or a bad price. Also the fees are not yet foreseeable.

To withdraw money, by selling Bitcoins and getting paid Fiat money, the machines are probably be more suitable. They simply offer another way to withdraw money. Little seems to speak against that, a weak point is, however, that you can’t see in the ATM whether you’re about to sell for a good price or not. Many people certainly know a similar problem from abroad when withdrawing a foreign currency. So Bitcoin machines are quite nice, but in the future they would have to develop further and offer more functions and low fees in order to actually assert themselves.

Sell Bitcoin – No Cash Out

What if you sell Bitcoin but don’t cash it out (so you won’t send the money to your bank account) ?

The moment you exchange Bitcoin for a Fiat currency, a taxable event occurs. Even if you don’t have the money paid out to your bank account. In principle, at this point, you own the money, whether it is on the exchange or on your bank account is a detail that really doesn’t matter. So you have to be aware that you always have to pay taxes on the sale. The event will also not be undone if you reinvest the entire amount immediately. However, before the next tax return, all individual trades are offset against each other (profits against losses), and the final amount is entered into the tax declaration.

That’s why you have to keep an exact record of all individual Bitcoin trades. But this is usually no problem, since this data should be stored in the Trading History of your exchange platform or broker.

• Do you HODL bitcoins?
• Are you looking to cash out your bitcoins?

Well, if these questions resonate with you, then you are in the right place.

I believe some of you want to sell their bitcoins because of one of these reasons:

• You have now lost interest in Bitcoin.
• Or you think you have made enough returns out of your Bitcoin investment.

In any case, you just want to convert your BTC into cash either to realize profits or free up your stuck capital.

However, whatever your reason might be, I understand your stand as one might sometime feel the need for extra capital or would like to realize profits.

That’s why I think it is important to talk about the questions that come up while converting BTC into cash so that you don’t hit a road:

• How to get USD, EUR or GBP for Bitcoin?
• Where to cash out Bitcoin?
• Where to convert Bitcoin into fiat like USD, EUR, GBP, etc?
• How To Withdraw Bitcoins To Cash?

Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP

So some of the exchanges that allow you to do so are:

These exchanges will help you cover most of Europe, the US, and the UK. Cashing out Bitcoin isn’t easy at it looks but for you we have found out some of the best ways through which you can convert your bitcoins into cash.

But before we get into the specifics of that, you need to decide how do you want your cash?

Do you want it in your bank account or you want the hard cash by meeting someone in person.

Or do you want to have other stuff in exchange for your bitcoins like gift cards or Amazon products from Purse.io?

For now, assuming that you want the cash in your hand or your bank account, let’s get started:

How & Where To Exchange Bitcoin For (or to) Real Cash Money Like US Dollars (USD), Pound Sterling (GBP), Euro (EUR), etc?

#1. Convert Bitcoin Into Cash Through A Fiat Supporting Exchange

It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country.

Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. Of course, for this, you will be required to find such an exchange that deals in fiat and cryptocurrencies both.

You will also need to complete your KYC on such exchanges before you can exchange BTC to cash because fiat currency laws in most countries want exchanges to adhere to this policy.

Of course, I understand that I have not listed all the countries here but in reality, not all countries have such fiat linked cryptocurrency exchanges.

So for residents of those countries, I will be listing another method through which they can meet Bitcoin buyers/sellers in their country to cash out their bitcoins.

#2. Meet & Trade In-Person To Get Cash Through LocalBitcoins

For those BTC holders who have neither crypto exchanges nor Bitcoin ATMs in their country can exchange BTC for cash through LocalBitcoins.

LocalBitcoins is a peer to peer Bitcoin exchange service based out of Finland. LocalBitcoins is an escrowed service that has garnered quite a bit reputation since 2012 as the most liquid P2P Bitcoin exchange.

On LocalBitcoins you will a no-ground network of Bitcoin buyers and sellers in 16537 cities and 248 countries including your country too.

It gets better:

Through LocalBitcoins, you can meet the buyers and sellers in-person to negotiate and execute a Bitcoin trade. Moreover, when you are cashing out BTC you have a lot many options to receive your cash ( SEPA Transfer, bank deposit, PayPal, Payoneer, cash).

Getting started with LocalBitcoins is also easy as it only takes your email ID to begin with. After which you can explore the simple and intuitive UI of LocalBitcoins to filter out relevant buy/sell deals for yourself.

Note: Be sure to check the reputation of the buyer/seller before you decide to pick up a deal on LocalBitcoins and never release your bitcoins without confirming your payment receipt.

And just when I am completing this, I am realizing that there might be another category of Bitcoiners who would be thinking to cash out Bitcoin to short it and buy back when the price is lower.

For those kinds of Bitcoin users converting Bitcoin into cash might not be the ideal thing and that’s why such types of users prefer converting Bitcoin to USDT like stablecoins.

And hence I am sharing a bonus method just to do the same.

#3. Convert Bitcoin To USDT or Stablecoin like TUSD etc

Anyone who wants to cash Bitcoin and not get into KYC like things can do so by cashing out in fiat digital currencies, i.e., Stablecoins like USDT, TUSD, etc.

Here are some of the popular exchanges that will let your convert BTC to USDT or similar stablecoins:

• Binance: Supported pairs are BTC/USDT, TUSD/BTC
• BitBay: Supported pairs are XMR/BTC
• Huobi: Supported pairs are BTC/USDT
• Gate.io: Supported pairs are BTC/USDT

This method will reduce your headache of dealing with KYC and other banking problems which you might run into when trying to cash out your bitcoins through fiat linked crypto exchanges.

*****4. Bonus: Cashout Bitcoins Through A Bitcoin ATM

One of the easiest ways to convert Bitcoin to cash is through Bitcoin ATMs.

For those of you who don’t know about Bitcoin ATMs, here is a simple explanation of it:

Bitcoin ATMs are much like traditional exchanges from where you can either get cash for Bitcoin, or you can get Bitcoin for cash. This method is usually anonymous and requires you to have a Bitcoin wallet in case you are receiving Bitcoin or selling it.

A Bitcoin ATM asks you to scan its public address, and when you have transferred BTCs to that address, it splits out equivalent fiat.

For this, you first need to make sure that you have a Bitcoin ATM nearby and that you can do it through the Coin ATM Radar service.

Using Coin ATM Radar, you can find out nearby Bitcoin ATMs and check its exchange rates as well as transaction fees. For example, this Bitcoin ATM in Chicoutimi at Place du Royaume has these specs:

• ATM Type: Genesis Coin
• Direction: Fiat ⇄ Crypto
• Fees: Buy 13.0%, Sell 16.9% from BitcoinAverage Fees updated: 12 minutes ago.
• Limits: Buy: $10000/txn, Sell: $2900/txn

So this is how you can get fiat for Bitcoin through a Bitcoin ATM.

How Do I Cash Out Bitcoin

But just after writing this, I realized that not everyone would be able to find Bitcoin ATMs nearby.

That’s because there are only a few Bitcoin ATMs around the world as of now and that brings me to my next section which is a much easier way to convert BTC to fiat if you don’t have ATMs nearby you.

Conclusion: How To Convert Bitcoins to cash

These are some of the best methods that you can use to cash out your bitcoins for fiat currencies like USD, EUR, CNY, or GBP.

However, I understand that many countries are still left untouched by the methods I have listed above and to name a few such as Australia, Zimbabwe, Argentina, etc.

How To Convert Bitcoins To Cash

For these countries and other left-out countries, TheMoneyMongers plans to bring a comprehensive list of resources using which they will be able to buy/sell Bitcoin in their respective countries.

We intend to start first with first and second world countries such as listed below. After which we will finally make our way for third world countries, who actually need Bitcoin the most.

• The USA
• India
• Europe
• Australia
• China
• Japan

So untill we do so, I want to leave you with answers of few frequently asked questions (FAQs) to help you relax in order to exchange your bitcoins to cash:

Q1) Can You Exchange Bitcoin for US Dollars (USD), Pound Sterling (GBP), Euro (EUR), CAD, etc?

Yes, you can very well exchange Bitcoin for various fiat currencies like USD, GBP, or EUR. There are more fiat currencies to which you can convert according to the country where you are residing.

Q2) How To Convert Bitcoins To Cash Anonymously?

This part is a bit tricky as there aren’t many services that you can use to convert BTC to cash anonymously. But you can definitely try LocalBitcoins with an alias name and identity to meet someone in person to exchange BTC to cash

So that’s all from our side in this round-up and I hope you liked this? If you did !! Do share it with your friends on social media who want to buy or sell Bitcoin !!

Note: Better than selling and cashing out your bitcoins, you can always take Bitcoin loans on your BTC holdings. Here is how you do that !!

Also, If you need some direction, feel free to contact us at @themoneymongers.

Cash Out Bitcoins To Bank Account

Contents

How Do You Cash Out Bitcoin

• Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP
  • Conclusion: How To Convert Bitcoins to cash